AD Construct: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
AD Construct
Largest movements
- Tangible fixed assets -€7,815
down €7,815 (-50.4%), from €15,496 to €7,681
of which Plant, machinery and equipment: -€6,486
- Receivables within one year +€4,605
up €4,605 (+16.5%), from €27,886 to €32,491
of which Trade receivables: +€5,943
- Cash -€4,455
down €4,455 (-10.0%), from €44,459 to €40,003
mainly Debts after one year (-€17,585) and Trade debts (-€7,914)
- Deferred charges and accrued income -€3,163
no longer reported in 2025 (was €3,163)
- Debts after one year -€17,585
down €17,585 (-87.6%), from €20,071 to €2,486
- Current portion of long-term debt +€12,994
up €12,994 (+31.1%), from €41,810 to €54,805
- Trade debts -€7,914
down €7,914 (-50.6%), from €15,650 to €7,736
- Profit (loss) carried forward +€1,409
up €1,409 (+35.5%), from -€3,968 to -€2,559
- Tax, wage and social debts +€924
up €924 (+19.5%), from €4,738 to €5,662
of which Taxes: +€1,426
- Staff costs -€3,235
down €3,235 (-3.3%), from €97,572 to €94,337
- Gross operating margin -€1,868
down €1,868 (-1.7%), from €111,785 to €109,917
- Taxes +€1,427
up €1,427, from -€9 to €1,418
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €91,954 | €81,095 | -€10,859 | -11.8% |
| Fixed assets | 21/28 | €15,796 | €7,981 | -€7,815 | -49.5% |
| Tangible fixed assets | 22/27 | €15,496 | €7,681 | -€7,815 | -50.4% |
| Plant, machinery and equipment | 23 | €9,086 | €2,601 | -€6,486 | -71.4% |
| Furniture and vehicles | 24 | €6,410 | €5,080 | -€1,330 | -20.7% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €76,158 | €73,114 | -€3,044 | -4.0% |
| Stocks and contracts in progress | 3 | €650 | €620 | -€30 | -4.7% |
| Stocks | 30/36 | €650 | €620 | -€30 | -4.7% |
| Amounts receivable within one year | 40/41 | €27,886 | €32,491 | +€4,605 | +16.5% |
| Trade receivables | 40 | €24,991 | €30,934 | +€5,943 | +23.8% |
| Other amounts receivable | 41 | €2,895 | €1,557 | -€1,338 | -46.2% |
| Cash at bank and in hand | 54/58 | €44,459 | €40,003 | -€4,455 | -10.0% |
| Deferred charges and accrued income | 490/1 | €3,163 | - | -€3,163 | |
| Total equity and liabilities | 10/49 | €91,954 | €81,095 | -€10,859 | -11.8% |
| Equity | 10/15 | €6,032 | €7,441 | +€1,409 | +23.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,968 | -€2,559 | +€1,409 | +35.5% |
| Amounts payable | 17/49 | €85,922 | €73,654 | -€12,268 | -14.3% |
| Amounts payable after more than one year | 17 | €20,071 | €2,486 | -€17,585 | -87.6% |
| Financial debts | 170/4 | €20,071 | €2,486 | -€17,585 | -87.6% |
| Amounts payable within one year | 42/48 | €65,851 | €71,168 | +€5,318 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €41,810 | €54,805 | +€12,994 | +31.1% |
| Trade debts | 44 | €15,650 | €7,736 | -€7,914 | -50.6% |
| Suppliers | 440/4 | €15,650 | €7,736 | -€7,914 | -50.6% |
| Taxes, remuneration and social security | 45 | €4,738 | €5,662 | +€924 | +19.5% |
| Taxes | 450/3 | €1,691 | €3,117 | +€1,426 | +84.3% |
| Remuneration and social security | 454/9 | €3,047 | €2,545 | -€502 | -16.5% |
| Other amounts payable | 47/48 | €3,652 | €2,965 | -€687 | -18.8% |
| Remuneration, social security and pensions | 62 | €97,572 | €94,337 | -€3,235 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,165 | €9,120 | +€956 | +11.7% |
| Other operating charges | 640/8 | €3,328 | €2,790 | -€538 | -16.2% |
| Gross operating margin | 9900 | €111,785 | €109,917 | -€1,868 | -1.7% |
| Operating profit (loss) | 9901 | €2,720 | €3,670 | +€949 | +34.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,375 | €844 | -€532 | -38.7% |
| Recurring financial charges | 65 | €1,375 | €844 | -€532 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €1,345 | €2,826 | +€1,481 | +110.1% |
| Income taxes | 67/77 | -€9 | €1,418 | +€1,427 | |
| Profit (loss) for the period | 9904 | €1,354 | €1,409 | +€55 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,354 | €1,409 | +€55 | +4.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.